With reference to various deficits, consider the following pairs:

Deficits Explanation

1. Fiscal Deficit

Excess of total expenditure over total receipts including borrowings

2. Revenue Deficits

Difference between revenue deficit and grants for the creation of capital assets.

3. Primary Deficit
Fiscal deficit minus interest payments on previous borrowings

Which of the pairs given above is/are correct?

1 only

2 and 3 only

3 only

1, 2, and 3

Deficits	Explanation
1. Fiscal Deficit	Excess of total expenditure over total receipts including borrowings
2. Revenue Deficits	Difference between revenue deficit and grants for the creation of capital assets.
3. Primary Deficit	Fiscal deficit minus interest payments on previous borrowings